HSBC considers exit from US retail banking

Tuesday, 1 December 2020 01:14 - - {{hitsCtrl.values.hits}}

Reuters: HSBC Holdings PLC is considering a complete exit from retail banking in the United States after narrowing the options for how to improve performance at its struggling North America business, the Financial Times reported on Saturday.

The bank’s senior management aims to present the plan to the board in the coming weeks, the FT reported, citing people familiar with the situation.

HSBC declined to comment on the report.

HSBC said last month it planned to reduce annual costs to below $31 billion by 2022, a more ambitious target than it set out in February and well below the operating expenses of $42.3 billion it reported in 2019.

The bank also said it would also accelerate the transformation of its US business, where it has long struggled to compete with much bigger players.